Funcom Posts $9.6 Million Q3 Loss

Funcom Posts $9.6 Million Q3 Loss

Norway-based Funcom has posted a loss and reduced revenues for the third quarter ended September 30.

The company reported a loss of $9.6 million, compared to a profit of $3.3 million in the third quarter of 2008, while revenues were down from $18 million to $5.7 million.

The company said that its “financial position remains strong” with $34.8 million in cash as of September 30, and that the recent implementation of cost reduction initiatives including layoffs will lead to a saving of around $400,000 per month.

Funcom’s Korean partner Neowiz will launch a limited Age Of Conan beta in Korea in November, while the development of its next high-end MMO, The Secret World, is said to be “progressing well” despite its recent delay.

The company’s first free-to-play MMO, Pets vs Monsters, is moving into limited beta in December, while the firm recently received a $270,000 grant to aid the development of an extreme sports title.

Funcom expects its fourth quarter revenues to be in the range of $4-5 million.